Parker-Hannifin (NYSE:PH) Price Target Raised to $621.00 at Truist Financial

Parker-Hannifin (NYSE:PH) had its price target raised by Truist Financial from $611.00 to $621.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other equities research analysts also recently commented on the company. Argus lifted their target price on Parker-Hannifin from $550.00 to $590.00 and gave the company a buy rating in a research report on Monday, May 6th. Mizuho raised shares of Parker-Hannifin from a neutral rating to a buy rating and raised their price target for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Wells Fargo & Company cut their price objective on Parker-Hannifin from $640.00 to $630.00 and set an overweight rating on the stock in a research report on Monday, May 6th. Bank of America raised their price objective on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a buy rating in a report on Friday, May 17th. Finally, Stifel Nicolaus increased their target price on Parker-Hannifin from $588.00 to $629.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $569.69.

Parker-Hannifin Trading Up 1.8 %

Shares of PH stock opened at $510.03 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $570.15. The company’s 50-day moving average price is $530.28 and its 200-day moving average price is $516.53. The stock has a market cap of $65.56 billion, a price-to-earnings ratio of 24.03, a PEG ratio of 2.09 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. Parker-Hannifin’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business posted $5.93 EPS. As a group, equities analysts predict that Parker-Hannifin will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were paid a $1.63 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.28%. Parker-Hannifin’s payout ratio is 30.73%.

Insiders Place Their Bets

In related news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Parker-Hannifin

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Parker-Hannifin by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock worth $5,872,694,000 after acquiring an additional 105,475 shares during the last quarter. Norges Bank acquired a new position in Parker-Hannifin in the 4th quarter valued at about $665,188,000. Alphinity Investment Management Pty Ltd lifted its holdings in Parker-Hannifin by 42.2% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after purchasing an additional 336,370 shares in the last quarter. Boston Partners boosted its stake in shares of Parker-Hannifin by 4.1% during the 1st quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock worth $617,878,000 after purchasing an additional 43,535 shares during the last quarter. Finally, Baird Financial Group Inc. raised its position in shares of Parker-Hannifin by 3.7% in the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock valued at $320,173,000 after buying an additional 25,060 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.